A WARNING ABOUT FXOPEN

January 22, 2013 NOTE: It is strongly advised that you avoid making wire transfer withdrawls with FxOpen. On December 7, 2012 I requested a withdrawl of funds from my FxOpen account. Until you see a follow-up message below this message, this means that this money has still not been received on my end!

I'll keep you posted as this situation evolves.

"Anything worth having is worth going for - all the way." - J.R. Ewing

Re: A WARNING ABOUT FXOPEN

Finally received my wire transfer today, after 2 MONTHS and 9 DAYS.

I'm quite shocked at how this was handled. Despite numerous emails sent and phone calls made to FxOpen, their manager/representative said that I needed to have MY bank launch an investigation to find out where my funds were. My bank repeatedly told me that they could do nothing on their end. As for FxOpen, they said that the only way for their bank to conduct its own investigation of where my funds went was if I paid a fee for this investigation! Imagine that, I WOULD HAVE TO PAY to find out where MY money is!!

After filing a complaint with the proper authorities in New Zealand, things seemed finally take a slight turn for the better. FxOpen "graciously" offered to waive this fee to have their bank investigate the situation. To make a long story short, FxOpen's bank used a correspondent bank in Europe - JP Morgan - which simply did not do its job correctly. They said that the name on the transfer did not match the name on my bank account (a ridiculous issue having to do with my middle name being absent from the wire transfer record). It seems that JP Morgan was too lazy to pick up the phone to call my bank or to call FxOpen's bank to do something about my money which was simply sitting on their desk. And FxOpen wanted nothing to do with this situation, insisting that I resolve this with MY bank which was powerless to do anything on its end.

Very sad that in 2012/2013, getting funds from one country to another can be such a nightmare. Very sad also how some people will avoid taking responsibility from the start and will go to great lengths to shift the blame to other parties when simply contacting the banks that are involved will resolve a situation.

"Anything worth having is worth going for - all the way." - J.R. Ewing